ZURICH (Reuters) – Logitech co-founder Daniel Borel has reiterated his call for the company to find a new chairperson after opposing Wendy Becker’s re-election during Logitech’s AGM earlier this week. Becker has been serving as the chairperson since September 2019.
Borel, who is one of the three founders of Logitech and holds the honorary position of chairman emeritus, expressed concerns about the company’s future under Becker’s leadership. He stated, “I am not yet a dinosaur meddling, but I am worried about the future of Logitech, the company I created. Logitech needs a new chairperson, someone who can react to the changed market situation.”
Logitech has reported that Becker, a former CEO of British clothing chain Jack Wills, is currently unavailable for comment as she is travelling. The Swiss-American computer peripherals maker added that Becker has the support of its shareholders.
A spokesperson for Logitech said, “We are grateful for Daniel’s contribution over the last 40 years, and always welcome his feedback.” The spokesperson further added, “Wendy herself – the only female chair in the Swiss blue chip index – was re-elected as chair and board member with 96% of the votes, a clear sign of shareholder confidence in her leadership.”
Borel has stated that he will give the board some time to address the issue before pursuing it further. He wants Logitech’s board to develop a transition plan to replace Becker by the end of the current financial year, which concludes in March 2024.
Logitech experienced a surge in demand for its products during the COVID-19 pandemic as people purchased equipment to work from home. However, the company witnessed a significant decline in sales and profit last year.
Borel, who owns a stake of about 1.5% in Logitech, believes that the downturn was not recognized promptly. He criticized the company for failing to reduce costs effectively and for lacking succession planning after the departure of long-serving CEO Bracken Darrell in June.
Logitech took measures to cut costs at the end of its previous business year by reducing its workforce by 300 employees out of 8,200 and reducing operating expenses by 17%.
Reporting by John Revill; Editing by Alexander Smith
Credit: The Star : Tech Feed
